Multifamily Properties Sold
Northeast Private Client Group is pleased to present the Wells Street Apartments, located at 430 Wells Street and 2649 Wells Street in Bridgeport, Connecticut.
The Wells Street Apartments are 2 multifamily buildings with a total of 34 units. 430 Wells is comprised of 15 one-bedroom apartments and one (1) studio. 2649 Main Street is comprised of five (5) one-bedroom and 13 two-bedroom apartments.
The properties are located less than a half mile from St.Vincent’s Medical Center and 3 miles to the Westfield Mall in Trumbull. Sitting on the coast, Bridgeport has two public beaches and many marinas with direct access to Long Island Sound. Along with the coast, the Greater Bridgeport area is the 48th largest Urban area in the United States and boasts 140,000 residents. A new investor can realize upside by continuing to increase rents to market levels.
Bridgeport presents an investor with the potential for near-term revenue growth as rents continue to grow due to relative affordability to the lower Fairfield County Submarkets of Norwalk and Stamford. Many tenants choose to live in Bridgeport and commute down county in light of rent spreads for similar quality rental options of $500/month or more. As these rents continue to climb in Norwalk and Stamford, Bridgeport will continue to draft off this pricing. Additionally, Bridgeport continues to develop as a market with significant redevelopment downtown in the Main Street North Corridor along with the creation of a new shopping and entertainment district at Steel Point Harbor which includes a new Bass Pro Shop, Rumors of an MGM Casino, and plans to add a second Metro North train station on the city’s East Side.
Bridgeport, Fairfield County, CT